[Property in other people’s name] Yoo family owns a Lavender farm and Highland Resort in California?

1. What has been falsely reported ?

Many media outlets released false reports regarding the former chairman Yoo Byung-eun such as “Yoo family owns a lavender farm and Highland Resort in California under a borrowed name” .These false reports were either deleted or addressed by a correction or refuting report through the Press Arbitration Commission and negotiation between the press and the involved parties. Examples of false reporting are as follows.

 

 

 

2. Report vs Facts 

 

 

Yoo family owns a lavender farm and Highland resort in California under a borrowed name. Semo Corp. purchased the farm nearly for 7 million dollars in 1990. Semo went into receivership in 1997,and to meet their convenience, they resorted to immorally transferring and selling ownership of the farm to Bear family hotels resort, which was the borrowed-name company of Mr. Yoo Byung-eun.

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A significant part of the assets suspected of belonging to the Yoo family are real estate established by church members of EBC to grow organic agricultural products and it is not owned by former chairman Yoo. Additionally, he doesn’t have any real estate abroad. It has been revealed through attorney Son Byung-gi(former representative of chairman Yoo) that Highland Resort is a property of EBC U.S.A, which has no relation to former chairman Yoo. Furthermore, Bear family hotel resort is not a borrowed-name company of Mr Yoo.

 

 

 

 

 

3. Corrections and rebuttal statements 

 

<Busan-Ilbo Jan 14th. 2015> 

[Correction and rebuttal statements regarding Evangelical Baptist Church(the Salvation Group) and former chairman Yoo Byung-eun]

 A significant part of the 240 billion won worth of assets suspected of belonging to the Yoo family are real estate properties owned by the farming associations, which had been established by church members.

 

<World-Ilbo Dec.8th. 2014>

[Correction and rebuttal statements regarding Evangelical Baptist Church(the Salvation Group) and former chairman Yoo Byung-eun]

It has been revealed that a significant part of the assets suspected of belonging to the Yoo family are real estate established by church members of EBC to grow organic agricultural products and it is not owned by former chairman Yoo.

 

 

 

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